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Secure Your Legacy

Will Preparation

What is Will and Estate Planning?

For many individuals, will and estate planning is a difficult subject to discuss and even more so to plan for as it brings up topics of their own mortality. However it is indeed something you need to talk about with your family and loved ones as you can’t obviously do so after you’re gone. And remember that no estate plan is exactly the same, and so your plan should be based on your personal priorities and goals. Regardless of your reasons, beginning the estate planning process is an integral step to any properly designed wealth management strategy. We are always ready to take that step with you and create an Estate Plan specific to your particular goals and objectives.

Every estate plan essentially has three core aspects and goals:

Minimizing Probate Fees and Taxes during your lifetime and for your beneficiaries.

Ensuring that your estate is distributed in the most efficient manner possible.

Leaving assets and providing for your loved ones when you are no longer there.

Our Will Preparation Process

As we go through the various stages of life, we spend an enormous amount of time accumulating wealth and building assets for our family and loved ones. However, passing on your wealth and assets without unnecessary taxes or expenses requires prudent estate planning. Your will is as unique as you are, and taking the time to complete your will now enables you to provide for those closest to you.

Our will preparation process involves eight easy steps to create a plan that reflects what’s most important to you and your loved ones:

1. Seek out the right team of professionals

The complexity of your situation will determine which professionals you will need and what expertise is required.




2. Design a family balance sheet

This is a summary of your family’s financial situation that ultimately determines your family’s net worth.

3. Determine life insurance needs

It’s critical to work with your advisor to determine what your optimal insurance needs are. Life insurance proceeds can be used to replace income, pay estate expenses, or leave an inheritance.




4. Create a Will

The purpose of your Will is to designate such critical components as the identity of your executor, how assets are to be distributed upon death, and any needed guardians for your dependents.

5. Establish powers of attorney

This step helps you to protect your assets in the event that you are not able to manage them or make the necessary ongoing discussions. You can prearrange through a power of attorney precisely how you would like someone to make financial or personal care decisions on your behalf.




6. Minimize taxes and probate fees

When your estate incurs income tax or probate fees from the government, your beneficiaries will ultimately receive less money. The goal of estate planning is to therefore minimize these types of expenses by reducing or eliminating which assets pass through probate or which trigger taxes upon transfer of ownership.

7. Keep track of accounts and important information

One of the more challenging elements of settling an estate for an executor or family members is in trying to gather all of the relevant information. For this reason, try to centralize all household information such as identification papers, financial account information, and legal documents. Once you have documented all of these items, store a copy and let someone close to you know where it is.




8. Review and update regularly

Once your estate plan is properly designed, it must be reviewed and updated on an annual basis. Summarizing and tracking current values of your financial and non-financial assets will help you progress towards your specific estate planning goals. This should include a review of such items as your insurance coverage, beneficiary designations, registered investment accounts, and pensions.

The Benefits of Will and Estate Planning

Too often is the case where people lament over not looking after their estate plan or affairs much sooner in life. Whatever your status, stage, or goals are, everyone can benefit from prudent estate planning. Unfortunately, too few people know about this or follow this advice. Planning your estate or explaining your plan to your loved ones and family can protect your estate and, just as importantly, enable your beneficiaries to prepare themselves for their pending circumstances.

The core benefits to a properly designed estate plan are as follows:

Distributes your assets as you intended to provide for your beneficiaries and any end of life expenses

It will provide for significant tax advantages for beneficiaries such as income tax splitting

Minimizes the amount of estate taxes and probate fees that would be taken from your estate

Designates charitable gifts and your philanthropic commitments upon your passing

For business owners, it ensures your business will be handled the way you desire

Specifies who you would like to look after your last wishes, affairs, and beneficiaries

Maximizes how much of your hard earned money ends up in the hands of your beneficiaries

Will Preparation Services may be provided by Wealth Planners, Associate Portfolio Managers, or Portfolio Managers

The Result? Helping your loved ones with all of the benefits of your hard work and protect them in the most tax efficient manner possible.